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Sep 28, 2012 4:00am EDT
in the u.n. to an historic high basically against the dollar. how does that complicate these efforts, what sort of policy response might you expect? >> well, we can't read too much into the one day movement in the chinese currency. if you look at the year's performance as a whole, in the first nine months of the year, the chinese currency has been very stable against the u.s. dollar. in the first eight months of the year, the actual performance of the rnb has been a little disappointed. it appreciated 1% against the u.s. dollar. in the recent weeks, it's regained strength. basically between now and year end, we don't expect a lot of movement in the exchange rate. but what's complicating the chinese government policy basically is that we have a leadership transition coming up and also the leadership is very concerned still about potential inflation coming back. so that's complicating their policy decisions in the coming months. >> do you read this appreciation as one way for beijing to experiment in ways of bringing down inflation despite the fact that a weaker currency would give more cred
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